Everything
will turn on Friday and the November employment report where even a modest
result would extend the improving trend of the labor market and, importantly,
all but seal a rate hike at the mid-month FOMC. Janet Yellen will be busy in the
week, speaking in New York midday Wednesday and testifying in Washington
mid-morning Thursday. Her comments could affect rate-hike expectations as could
Wednesday's release of the Beige Book which will offer the Fed's own economic
background for the mid-month meeting. But economic news in the week looks to be
no better than mixed. Pending home sales will be Monday's focus and whether the
existing home market, which has been soft, may be bouncing back. This will be
followed on Tuesday by construction spending which, boosted by strength in the
new home market, has been very strong. Factory data have been on the rebound and
gains for the ISM on Tuesday and factory orders on Thursday would confirm the
emerging strength. Other data of note include vehicle sales on Tuesday, where
steady strength is expected, and trade data on Friday where both exports and
imports are expected to be weak.
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Monday, November 30, 2015
The Week Ahead...
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